Maximizing the Return of Investment on a College Degree: Reasons to Explore Careers BEFORE College

Since adults spend so much time at work, earning a degree should translate into personally and financially fulfilling opportunities that allow college graduates to live their best lives. Although the idea that everyone should pursue their passions is ideal, simply following passions and dreams can be risky in the absence of information and data. Most people don’t have an unlimited budget for college and post-college expenses, and loans must be paid back starting six months after graduation. I am not suggesting that high school students must know precisely what they want to do, but rather that a general sense of direction helps prevent wasting time, money, disappointment, and disillusionment.

Ten Reasons to Explore Careers Before College

REASON ONE: $106,360

According to The College Board's "Trends in College Pricing 2023 Report," the average cost of attendance for students living on campus attending public 4-year in-state institutions is approximately $26,590 per year 

REASON TWO: $173,120

According to The College Board's "Trends in College Pricing 2023 Report," the average cost of attendance for out-of-state students living on campus attending public 4-year in-state institutions is approximately $43,280 per year (tuition, fees, room, and board). 

REASON THREE: $223,200 

According to The College Board's "Trends in College Pricing 2023 Report," the average cost of attendance for students at private, nonprofit universities is approximately $55,800 per year (tuition, fees, room, and board).

REASON FOUR: $82,866, $86,886, $92,892, $93,184, and $98,426

The 2024 cost of attendance at Harvard, Duke, Stanford, NYU, and Vanderbilt.

REASON FIVE: 41% of students graduate within four years

According to the National Center for Education Statistics (NCES),  Approximately 41% of bachelor’s degree-seeking students graduate within four years.

REASON SIX: 62% of students graduate within SIX years

According to the National Center for Education Statistics (NCES),  Approximately 62% of bachelor’s degree-seeking students graduate within four years. 

REASON SEVEN: Opportunity Cost

Extending college by an extra year or even just a semester inevitably increases costs. Moreover, staying in college longer than expected means spending funds that were not budgeted for rather than earning a salary that may have been anticipated.

REASON EIGHT: Student Debt

According to Trends in College Pricing 2023, published by the College Board, the average student debt for graduates with a bachelor’s degree in the U.S. is approximately $29,400. Approximately 65% of students graduate with student debt, impacting their ability to invest in other areas of their lives post-graduation.

REASON NINE: Shifting Job Market

According to data sourced from the U.S. Bureau of Labor Statistics (BLS) through their Occupational Outlook Handbook and various labor market reports, the job market has evolved, with certain sectors experiencing growth. For instance, healthcare occupations are projected to grow 13% from 2022 to 2032, adding about 2 million new jobs. In contrast, some traditional fields are seeing a decline, emphasizing the need for informed career choices.

REASON TEN: Career Satisfaction

According to a 2023 Gallup survey, only 34% of U.S. workers feel engaged in their jobs. Finding a career that aligns with personal values and interests is crucial for long-term satisfaction.

How Can College-Bound Students Maximize their Chances of Graduating in Four Years?

High school students who want to maximize their chances of earning a degree in four years and landing in a field they love should identify and explore interests.

💡Pro tip #1: Avoid the five or six-year plans unless they are typical of your major (e.g., B.Arch. programs). One way to ensure one is on the right path is to learn about the connections between personality, values, abilities, and career fit. Click HERE for links to free resources.

💡Pro tip #2: Consider the education required, salary, career outlook, informational interviews, and informal shadowing opportunities. Working with a professional with expertise and access to tools only available to counselors is recommended for those interested in a comprehensive and strategic college and career exploration process.

💡Pro tip #3: Don’t wait until a mid-life crisis to really think about what you’d love to do! Ultimately, when selecting a college and a major, it is essential to be realistic about the time it will take to earn a degree and acknowledge that the return on investment for a college degree varies. Use the College Scorecard, managed by the U.S. Department of Education, to view data on costs, graduation rates, average debt, and post-college earnings of graduates from specific colleges and universities.

If you or someone you know would benefit from guidance with a certified holistic career counselor to align college selection with major and career aspirations, secure a positive return on college investment, and alleviate stress related to the college admissions process, please contact Kathy at kathy@fineeducationalsolutions.com.